On Wednesday, the U.S. Court of Appeals for the Fifth Circuit (the “court”) held that the Securities and Exchange Commission (“Commission”) exceeded its statutory authority when it adopted the Private Fund Adviser Rules...more
6/10/2024
/ Certiorari ,
En Banc Review ,
Investment Adviser ,
Judicial Review ,
Pending Litigation ,
Private Funds ,
Regulatory Agenda ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Regulation ,
Vacated
On August 23, 2023, in a 3-2 vote, the SEC adopted a rule package (the “Adopted Rules”) that establishes significant new obligations for private fund advisers under the Investment Advisers Act of 1940. While the Adopted...more
8/28/2023
/ Audits ,
Books & Records ,
Clawbacks ,
Compliance ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Private Funds ,
Proposed Rules ,
Securities and Exchange Commission (SEC)
On May 3, 2023, the SEC adopted amendments to Form PF that will establish new event-reporting requirements for “private equity fund advisers” and “large hedge fund advisers”, and will require certain additional annual...more
On January 11, 2023, the SEC Staff published a question-and-answer in its Marketing Compliance FAQs that addresses whether an advertisement that includes gross performance information for a single investment (or group of...more
On October 26, the SEC proposed a new Advisers Act rule (the “Proposed Rule”) that would establish specific obligations for Registered Investment Advisers with respect to outsourcing of “Covered Functions”, as that term is...more
12/13/2022
/ Client Services ,
Compliance ,
Cybersecurity ,
Due Diligence ,
Policies and Procedures ,
Popular ,
Pricing ,
Proposed Rules ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Valuation ,
Written Agreements
The United States represents a large source of potential capitalthat non-U.S. fund managers often find impossible to ignore. To assist non-U.S. fund managers, we have prepared a checklist that sets out key considerations for...more
7/6/2022
/ Accredited Investors ,
Advertising ,
Blue Sky Laws ,
CFTC ,
Due Diligence ,
Employee Retirement Income Security Act (ERISA) ,
Form D Filing ,
Fund Managers ,
Investment Company Act of 1940 ,
Investors ,
Non-US Entities ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Solicitation ,
Tax Exemptions ,
Venture Capital ,
Volcker Rule
In late 2020, the SEC adopted1 rule amendments that require SECregistered investment advisers to, by November 4, 2022, switch their compliance regimes from the SEC’s current Advertising and Cash Solicitation Rules (Rules...more
3/23/2022
/ Advertising ,
Cash Solicitation Rule ,
Cherry Picking ,
Compliance ,
Disclosure Requirements ,
Endorsements ,
Investment Adviser ,
Marketing ,
New Rules ,
Private Funds ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Social Media
On February 9, in a 3-1 vote, the SEC approved a rule proposal (the "Proposed Rule”) that represents a sea-change in the Commission’s approach to private funds, with the Proposed Rule including provisions that would impose on...more
On June 17, 2021, the SEC issued an order (the “Order”) to adjust for inflation the dollar amount thresholds that determine when an investor is a “qualified client” under Rule 205-3 of the Investment Advisers Act of 1940, as...more
On August 26, 2020, the Securities and Exchange Commission (SEC) adopted an expanded definition of “accredited investor” in Rule 501(a) under the Securities Act of 1933, as amended (Securities Act).
Part of an effort “to...more
9/16/2020
/ Accredited Investors ,
Capital Markets ,
Certifications ,
Family Offices ,
Federal Register ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investors ,
Limited Liability Company (LLC) ,
Private Funds ,
Rural Business Investment Companies (RBICs) ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC)
The federal agencies responsible for the Volcker Rule have proposed to clarify some requirements for exclusion from the definition of “covered fund” and to increase the types of funds excluded from that definition. The...more
2/11/2020
/ Bank Holding Company Act ,
CFTC ,
Covered Funds ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
Investment Companies ,
Ownership Interest ,
Proprietary Trading ,
Regulatory Agenda ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Venture Capital ,
Volcker Rule ,
Wealth Management
On July 15, 2019, the Securities and Exchange Commission (SEC) and North American Securities Administrators Association (NASAA) staffs released a joint statement (the “Statement”) addressing compliance implications for...more
7/19/2019
/ Investment Company Act of 1940 ,
NASAA ,
Opportunity Zones ,
Qualified Opportunity Funds ,
Regulation A ,
Regulation CF ,
Regulation D ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC) ,
Tax Cuts and Jobs Act ,
Tax Exemptions